As mentioned in last week’s forecast of XAUUSD, gold continued its bearish pattern and broke into the 3200s zone. With global tensions, especially the tariff situation easing out, investors were seen shifting their interest from safe-haven assets and shifting to risk-based assets like stocks, or cryptocurrencies.
This week, gold is looking to consolidate before the major economic event of the FOMC on Wednesday. Let’s discuss the key pivot levels for gold buying and selling in this XAUUSD weekly forecast of May 5th to May 9th, 2025.
Previous week’s forecast recap of crypto.news
If you followed last week’s forecast and opened a sell from the $3342-$3353 level, you witnessed more than 1500+ points drop in gold.
Furthermore, the buying levels forecasted in gold from $3247-$3193 have also also given a 900+ points move so far.
Now let’s start by discussing the key economic events of this week and their possible impact on the price of XAUUSD.
Key economic events of this week
Several significant U.S. economic reports are scheduled for release this week, all of which might significantly impact XAUUSD.
Monday, May 5, ISM Services PMI:
The economic well-being of the US services sector is gauged by this index. While a worse figure may push gold higher since it indicates economic fragility, a better-than-expected report usually supports USD strength and may push gold prices lower.
Wednesday, May 7, FOMC Press Conference:
A news conference will take place after the Federal Open Market Committee (FOMC) releases its monetary policy statement. Any indications of interest rate or economic outlook changes will be actively watched by traders, as these could lead to significant volatility in the XAUUSD.
Thursday, May 8: Unemployment Claims
The number of people applying for unemployment benefits is displayed in this weekly report. If recession fears reappear, a growing figure might indicate a slowing labor market and make gold a more attractive safe haven.
Gold HTF Overview
After closing two weeks in complete red, gold is showing signs of strength. However, the weekly FVG of gold is still pending and it is expected to get filled in the near future, after which a major buy move can be seen. The buying zone is $3194-$3168 where you can find bullish momentum and enter a buy position in gold.
Gold Forecast for May 5th to May 9th
Gold is showing bullish momentum on the market open this week, however, there are strong supply areas above $3300. There are immediate levels of buying in the 4h timeframe in the area of $3259-$3239 where the 4h FVG is present right below the order block and also the value area low is present of the bearish swing.
A short trade on XAUUSD can be opened around $3305-$3313 which is the POC level and 1hr bearish orderblock as well.
Trading Strategies & Investment Recommendation
To conclude, the safe strategy in gold is to look for buys in the higher time frame levels and look for selling in the lower time frame levels. Mark these levels on your chart for easier trading guidance when you trade.
Support Levels
- $3194-3168 – weekly FVG
- $3259-3239 – 4h FVG and VAL
Resistance Levels
- $3305-3313 – 1hr OB and POC
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.